Mortgage Applications Steady During Holiday Shortened Week
September 14, 2005
WASHINGTON, D.C. -- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending September 9. The Market Composite Index - a measure of mortgage loan application volume - was 760.6, a decrease of 1.4 percent on a seasonally adjusted basis from 771.6 one week earlier. On an unadjusted basis, the Index decreased 12.3 percent compared with the previous week but was up 26.4 percent compared with the same week one year earlier. The seasonally-adjusted Purchase Index increased by 2.9 percent to 513.4 from 499.1 the previous week whereas the Refinance Index decreased by 6.7 percent to 2198.7 from 2357.1 one week earlier. Other seasonally adjusted index activity includes the Conventional Index, which decreased 1.6 percent to 1142.8 from 1161.1 the previous week, and the Government Index, which increased 0.8 percent to 122.7 from 121.7 the previous week.
The four week moving average for the seasonally-adjusted Market Index is down 0.1 percent to 752.7 from 752.9. The four week moving average is up 0.7 percent to 492.9 from 489.4 for the Purchase Index while this average is down 0.9 percent to 2264.4 from 2286.1 for the Refinance Index.
The refinance share of mortgage activity decreased to 42.9 percent of total applications from 44.8 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 28.2 percent of total applications from 26.5 percent the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 5.72 percent from 5.64 percent on week earlier, with points increasing to 1.18 from 1.13 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.
The average contract interest rate for 15-year fixed-rate mortgages increased to 5.29 percent from 5.18 percent one week earlier, with points increasing to 1.31 from 1.14 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs increased to 4.82 percent from 4.81 percent one week earlier, with points decreasing to 1.04 from 1.05 (including the origination fee) for 80 percent LTV loans.
Contact ALTA at 202-296-3671 or email@example.com.